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July 30th, 2015 1H 2015 Results Presentation
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Highlights
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GROWTH
• Sales grow almost by 8% • Strong recovery of
Integrated Security Solutions in LatAm •Alarms business grows
above 17%
CASH FLOW GENERATION
• The positive trend initiated in 2014 is maintained • Solid financial position
•Moody´s rating “Baa2 Outlook Stable”
PROFITABILITY
•Margins keep stable despite the adverse macro environment and the strong seasonality •Net consolidated profit
grows above 17%
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Consolidated Results Million Euros
1H 2014 1H 2015
Sales 1,810 1,953
EBITDA 188 210
Margin 10.4% 10.7%
Depreciation -39 -47
Amortization of intangible and other -19 -20
EBIT 130 143
Margin 7.2% 7.3%
Financial Result -27 -23
Profit before taxes 104 120
Margin 5.7% 6.1%
Taxes -37 -43
Tax rate 36.0% 35.6%
Net Profit 66 77
Minority interests 0.2 -0.6
Net consolidated profit 66 78
EPS (Euros per share)
0.11 0.13
1H2015 Growths
P&L
• EBIT margin remains stable at 7.3% reflecting the adverse macro environment
• Net Consolidated Profit increases by 17.3% reaching 78 Million Euros
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+11,5%
+9,4%
+7,9%
EBIT Sales
EBITDA
1H 2015
1H 2014
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Organic 0.2% 10.7% 5.8%
Inorganic 0.2% 0.3% 0.2%
Exchange rate 0.7% 2.7% 1.9%
Sales Evolution
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771 779
+7.9%
1,953
Total
+13.7%
+1.1%
1,810
LatAm
1,173 1,032
Eur. & APAC
1H 2015
1H 2014
Million Euros
* In a comparable base
*
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• Margins remain stable
EBIT
5
% over sales
Million Euros 130
109
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143
119
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Total LatAm Eur. & Asia Pacific
+11%
+9%
+9%
Total
+7.3% +7.2%
LatAm
+10.2% +10.6%
Eur. & Asia Pacific
+3.0% +2.7%
1H 2015
1H 2014
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Excellent outlook for the Alarms Business
419399374363
• Total sales growth 17%
• BTC over 400,000 connections
2012 2013 2014 1H 2015
BTC
Thousand connections
38,7
+29%
LatAm
50,0
49,5
+8%
Eu & APAC
53,5
88,2
+17%
Total
103,5
Sales
Million Euros
1H 2015
1H 2014
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• Germany
• Spain
• France
• Portugal
• Australia
• China
• Singapore
• India
• SIS
• Cash Management
• Alarms
1H 2015 Results by Region and Business Line
Business Line Europe & Asia Pacific
LatAm
• Argentina
• Brazil
• Chile
• Colombia
• Peru
• Mexico
• Uruguay
• Paraguay
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Sales per business line
1H 2014 1H 2015 Var. %
251 260 3.4%
542 609 12.4%
793 869 9.6%
44,5%
1H 2014 1H 2015 Var. %
49 53 8.2%
39 50 29.2%
88 103 17.4%
5.3%
1H 2014 1H 2015 Var. %
477 466 -2.3%
451 514 14.0%
928 980 5.6%
50,2%
Europe & Asia Pacific
LatAm
% over sales
Total
SIS Cash
Management Alarms
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Million Euros
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Europe & Asia-Pacific
Million Euros 1H 2014 1H 2015 Var. Organic Inorganic Exchange rate
Spain 425 430 1.1% 1.1%
France* 115 105 -8.8% -8.8%
Germany 101 102 1.1% 0.6% 0.5%
Portugal 71 72 1.4% 1.4%
Asia-Pacific ** 59 70 20.2% 9.7% 1.4% 9.0%
Total 771 779 1.1% 0.2% 0.2% 0.7%
EBIT 21 23 10.5%
Margin 2.7% 3.0%
* Includes Luxembourg
** Includes Singapore, China ( in a comparable base) and Australia 9
SIS 60%
Cash Management
33%
Alarms 7%
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LatAm
Million Euros 1H 2014 1H 2015 Var. Organic Inorganic Exchange rate
Brazil 500 473 -5.3% -1.0% 0.6% -4.8%
Argentina Area* 304 461 51.5% 38.9% 12.5%
Peru 76 85 11.8% 0.8% 11.0%
Chile 65 74 14.4% 4.5% 9.9%
Colombia 68 58 -15.8% -13.0% -2.8%
Mexico 18 22 21.1% 13.8% 7.4%
Total 1,032 1,173 13.7% 10.7% 0.3% 2.7%
EBIT 109 119 9.2%
Margin 10.6% 10.2%
* Includes Uruguay and Paraguay 10
SIS 44%
Cash Management
52%
Alarms 4%
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Net Debt
Balance Sheet
Financial Result
Net Profit
Consolidated Cash Flow
Financial Information
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Composition of Financial Result
Million Euros 1H 2014 1H 2015
Net Financial Expenses 23 20
Depreciation of financial investments and other
10 6
Exchange differences (6) (3)
Financial Result 27 23
• The decrease in financing cost is maintained
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Net Profit
Consolidated Results Million Euros
1H 2014 1H 2015 Var.
Profit before tax 104 120 15.4%
Margin 5.7% 6.1%
Tax -37 -43
Tax rate 36.0% 35.6%
Net Profit 66 77
Minority interests 0.2 -0.6
Net consolidated profit 66 78 17.3%
Margin 3.7% 4.0%
EPS (Euros per share)
0.11 0.13
• Profit before tax grows 15.4% vs last year
• Net consolidated profit grows by 17.3%
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Consolidated cash flow Million Euros
1H 2014 1H 2015
EBITDA 188 210
Provisions and other non cash items 39 52
Tax on profit (53) (73)
Changes in working capital (49) (66)
Interest payments (29) (19)
Operating cash flow 96 104
Acquisition of property, plant and equipment (66) (97)
Payments for acquisition of subsidiaries (51) (27)
Dividend payment (32) (32)
Other flows from investment/ financing activities
122 (3)
Cash flow from investment/ financing (27) (159)
Total net cash flow 69 (55)
Initial net financial position (31/12/2013-14) (666) (597)
Net increase/ (decrease) in cash 69 (55)
Exchange rate (17) 1
Final net financial position (30/06/2014-15) (614) (651)
Consolidated Cash Flow
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Total Net Debt
• In comparison with the end of 2014 net financial position has increased by 54 Million Euros
• Average cost of debt for the period 3,2%
• Ratio Total Net Debt/ EBITDA (annualized) 1,3
• Ratio Total Net Debt/ Equity 0,7
614 580 597 585 651
-92-99-89-92-98
0
Jun. 2015 Sep. 2014 Mar. 2015 Dic. 2014 Jun. 2014
0 67
105 0
70 0
116 2 103
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Deferred payments
Securitization
Net financial position
Treasury Stock
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Total Net Debt
Net Debt/ EBITDA
Total Net Debt*
* Net Debt of 2010, 2011, 2012, 2013, 2014 and 2015 includes deferred payments, securitization and treasury stock 16
227 218 229
143
234 254
402
674
588 611 626
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1S 2015
1,5 X 1,5 X 1,1 X
0,6 X 0,8 X 0,7 X
1,1 X
1,6 X 1,4 X 1,4 X 1,3 X
Million Euros
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Balance Sheet Million Euros 2014 2015
Non current assets 1,615 1,614
Tangible fixed assets 507 512
Intangible assets 856 818
Other 252 284
Current assets 1,398 1,374
Inventories 60 74
Customer and other receivables 1,044 1,050
Cash and equivalents and other financial assets 293 250
ASSETS 3,012 2,988
Net equity 864 842
Share capital 37 37
Treasury shares (53) (53)
Accumulated difference and other reserves 881 858
Non current liabilities 1,066 1,050
Banks borrowings and other financial liabilities 712 713
Other financial liabilities 354 337
Current liabilities 1,082 1,096
Bank borrowings and other financial liabilities 252 262
Trade and other payables 830 834
TOTAL NET EQUITY AND LIABILITIES 3,012 2,988
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New credit rating granted by Moody’s
Prosegur has been granted the credit rating of “Baa2 Outlook Stable” by Moody´s Investors Service Main Criteria
• The company’s scale and positioning as one of the world’s leading providers of private security solutions
• A strategy oriented towards business process outsourcing, allowing the company to reap high profit-margins
• The solid credit metrics supported by a clear financial policy
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Main highlights and 2015 Outlook
Ratification of the credit Rating “Investment Grade”
New collective agreement in Spain for 2015 and 2016
Harsh environment in Brazil, led by the inflation increase and the economic downturn of the country
Margins remain stable despite the adverse macro environment
Growth above the average of the alarms business in all geographies
Solid cash flow generation and reinforcement of the cost optimization policies
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This document has been prepared by Prosegur exclusively for use during this presentation. The information contained herein is confidential and is intended for use only by the intended recipient. The information contained in this document is for information purposes only and has been provided by Prosegur to assist interested parties in making a preliminary analysis of Prosegur, and is limited in nature, subject to completion, amendment and change without notice, and will be superseded by the final Prospectus relating to any securities issued by the Company. This document contains an English translation of the accounts of Prosegur and its subsidiaries. In the event of a discrepancy between the English translation herein and the official Spanish version of such accounts, the official Spanish version is the legal valid and binding version of the accounts and shall prevail. The Spanish version of the accounts of Prosegur and its subsidiaries is subject to approval by the limited shareholders of the Company. This document may contain projections or estimates relating to Prosegur’s business
development and results. These estimates correspond to the opinions and future expectations of Prosegur, and as such are affected by risks and uncertainties that could affect and cause the actual results to differ materially from these forecasts or estimates The distribution of this document in other jurisdictions may be prohibited; therefore recipients of this document or those finally obtaining a copy or copies thereof, must be aware of these restrictions and comply therewith. By accepting this report you agree to be bound by the aforementioned constraints
This document is provided for information purposes only and does not constitute, nor may be interpreted as, an offer to sell or exchange or acquire, or solicitation for offers to purchase any share in Prosegur. Any decision to buy or invest in shares in relation to a specific issue must be made on the basis of the information contained in the relevant prospectus filed by Prosegur in relation to such specific issue
This document may not be reproduced, distributed or transmitted
Disclaimer
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For further information please contact:
Luis Martínez
Finance Director
Tel: +34 91 589 84 24 [email protected]
Antonio de Cárcer
Head of Investor Relations
Tel: +34 91 589 83 29 [email protected]
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July 30th, 2015 1H 2015 Results Presentation
